Letter AgreementLetter Agreement • May 31st, 2013 • PFS Funds
Pursuant to an Interim Services Agreement dated as of May 28, 2013, between PFS Funds (the “Trust”), a Massachusetts business trust, and Outfitter Financial Corp. (the “Adviser”), the Adviser receives a fee of 0.24% and is obligated to pay the operating expenses of the Fund excluding management fees, brokerage fees and commissions, 12b-1 fees, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), ADR fees, the cost of acquired funds and extraordinary expenses. Pursuant to an Interim Management Agreement dated as of May 28, 2013 the Adviser receives an investment management fee equal to 0.95% of the average daily net assets of the Fund.
Letter AgreementLetter Agreement • May 31st, 2013 • PFS Funds
Pursuant to a Services Agreement dated as of June 28, 2010, between PFS Funds (the “Trust”), a Massachusetts business trust, and Castle Investment Management, LLC (the “Adviser”), the Adviser receives an additional fee of 0.58% and is obligated to pay the operating expenses of the Fund excluding management fees, brokerage fees and commissions, 12b-1 fees, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), the cost of acquired funds and extraordinary expenses.
INTERIM MANAGEMENT AGREEMENT OUTFITTER FUNDInterim Management Agreement • May 31st, 2013 • PFS Funds • Massachusetts
The Trust has been organized to engage in the business of an open-end management investment company. You, Outfitter Financial Corp. (“Adviser,” “you” and “your”) have been selected to act as the sole investment manager of the Outfitter Fund (the “Fund”) and to provide certain other services, as more fully set forth below, and you are willing to act as such investment manager and to perform such services under the terms and conditions hereinafter set forth. Accordingly, the Trust agrees with you as follows effective upon the date of the execution of this Agreement.
INTERIM SERVICES AGREEMENT Outfitter FundInterim Services Agreement Outfitter Fund • May 31st, 2013 • PFS Funds • Massachusetts
AGREEMENT dated as of May 28, 2013, between PFS Funds (the “Trust”), a Massachusetts business trust, and Outfitter Financial Corp. (the “Adviser”), a Virginia Corporation.
